Minutes of the Jan. 30-31 Federal Open Market Committee meeting released Wednesday showed officials saw a stronger economy than at the end of 2017 and that more rate hikes were in the offing.

The strengthening œincreased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate. To convey this message, officials altered their statement to point to œfurther gradual increases, according to the minutes.

Markets have become worried that the Trump tax cuts would cause the labor market to overshoot full employment, leading to a higher wages and a surge of inflation.

The minutes show that while several officials expected inflation to move higher this year, only œa couple of officials were worried about the possibility that the economy would overheat.

At the meeting, Fed officials agreed to hold rates steady in a range of 1.25% to 1.5%.

The Fed had penciled in three rate hikes at its December meeting. The minutes from January do not indicate whether any officials were pushing for more.

Australia™s central bank highlighted a better global backdrop and faster growth at home, while reiterating inflation™s advance and unemployment™s decline would be only gradual, in minutes of this month™s policy meeting.
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